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Economic Updates

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Sour Apple wrecks tech as recession fears see USD soften

US stocks took a sharp dive at the end of their session with the Nasdaq swinging from +1.5% to -1% on the day, the move lower conincided with a report on the newswires the Apple plans to slow hiring and curb spending next year to prepare for a possible recession. This is being taken as a sign that the Federal Reserve’s tightening plans are sta...

July 19, 2022
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Wells Fargo Q2 results are here

Wells Fargo & Co. (WFC) announced its Q2 financial results before the opening bell on Wall Street on Friday. The US financial services company missed analyst expectations for the quarter. Revenue was reported at $17.028 billion for Q2 vs. $17.479 billion expected. Earnings per share at $0.74 per share vs. $0.80 per share estimated. ''W...

July 18, 2022
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The Week Ahead – Central banks in focus, can the ECB or BOJ surprise?

Friday’s session saw a big rally in US equities as rate markets pared back some the pricing in of a 100bp hike at the next FOMC meeting after the red hot CPI figures on Wednesday. Fed hawks Waller and Bullard both hinted they favour a 75bp hike, and with the Fed blackout meeting now in effect until the meeting on July 27, this looks like a don...

July 18, 2022
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Citigroup beats estimates for Q2 – the stock price jumps

Citigroup Inc. (C) reported its latest financial results before the market open in the US on Friday, surpassing analyst expectations. The US investment banking company reported revenue of $19.638 billion for the second quarter vs. $18.352 billion estimate. Earnings per share reported at $2.19 per share for the quarter vs. $1.68 per share expe...

July 16, 2022
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Morgan Stanley results announced

Morgan Stanley (MS) reported its latest financial results for the second quarter before the market open in the US on Thursday. The US financial services company reported revenue of $13.132 billion in Q2 which did not meet analyst forecast of $13.386 billion. Earnings per share also missed expectations at $1.44 per share vs. $1.56 per share es...

July 15, 2022
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JPMorgan falls short in Q2

JPMorgan Chase & Co. (JPM) reported its latest financial results for Q2 before the opening bell on Wall Street on Thursday. World’s largest bank reported revenue of $30.715 billion, falling short of analyst estimate of $31.806 billion. Earnings per share reported at $2.76 per share vs. $2.89 per share expected. CEO of JPMorgan, Jamie...

July 15, 2022
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Australian employment figures see a big beat as unemployment hits an historical low

Australian employment figures saw 88,000 new jobs created in June, a huge beat of the expected 30k analysts had forecast. The unemployment rate also dropped to a level not seen since 1974 , coming in at 3.5% , well below the forecasted 3.8%.   With the number of unemployed now almost level with job vacancies the figures today showed how ...

July 14, 2022
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Market Update – The week ahead

Equity Indices saw some positive price action over the last week. The US continued to rally, albeit with a sense of unsurety. The S&P 500 finished Friday in a flat session as it saw close to a 4% rise for the week. The NASDAQ and the Dow Jones both followed similar patterns as the market determines its next course of action. From a technical pe...

July 11, 2022
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The ‘R’ Word

In recent weeks fears of a recession have gripped the market. With record high inflation levels and growth slowing down, is the perfect storm about to hit or will the markets be spared? Recessions are when there is negative growth for two consecutive quarters across the economy. Recession has often hit at times with high global uncertainty includin...

July 8, 2022
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Are we at risk of ‘Stagflation’?

The world economy is grappling with inflation that is surging out of control. Inflation rates have surged to decade highs across multiple countries. Central banks across the globe have been doing their best to reduce growth by raising interest rates. “The World economy is in danger,” World Bank president David Malpass wrote in a report. High in...

June 10, 2022
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Pressure builds on the Construction Industry

The construction industry, which is a major cog in the Australian economy, could be under threat from external pressures. Inflationary pressures have pushed up costs these increases are beginning to take their toll on sector. Specifically higher Labour and materials costs have increased pressure on the margins of the large construction companies. F...

June 3, 2022
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NIO’s May delivery numbers have arrived

NIO Inc. (NIO) reported its latest delivery numbers for May on Wednesday. The Chinese electric vehicle company delivered 7,024 cars in the previous month – a 11.8% increase year-over-year. Production and deliveries have been recovering from the constraints caused by COVID-19 outbreaks in China, according to the company, however, it still ha...

June 2, 2022
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Lithium stocks drop after calls that Battery ‘Bull Market’ is over

Australian lithium stocks have fallen remarkably after analysts from Goldman Sachs predicted that the material’s price has reached a peaked. Their predictions outline are that the price may fall 76% from its current highs. The predicted price drop is due to an oversupply that has been produced in the short-term outpacing the demand. In addition, ...

June 1, 2022
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Salesforce beats Q1 estimates – stock jumps in after-hours

Salesforce Inc. (CRM) reported its first quarter financial results after market close on Tuesday. The company beat both revenue and earnings per share estimates. World’s leading customer relationship management reported revenue of $7.411 billion for the quarter vs. $7.328 billion expected. Earnings per share reported at $0.98 per share for ...

June 1, 2022
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EU Leaders Further Tighten Oil Dependency

The European Union has advised of a proposal to further limit the export of Russian oil. They are looking to ban the buying of the liquid gold to further limit Russia’s spending power in their current invasion of Ukraine. The sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea ...

June 1, 2022
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